India largest company, Reliance Industries, will invest in IMG Reliance Pvt Ltd, a joint-venture with IMG that will create and operate sports and entertainment properties in India and develop a “world-class” sports coaching infrastructure for the country.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, and the world’s fourth richest man in 2009 according to Forbes’, said: “Development of sports and the sporting culture is a social imperative for India in the 21st Century…[With IMG] we are embarking on an exciting journey to transform the sporting fabric in the country. Our Joint Venture Company will actively work with like minded organisations and invest in developing immensely talented young Indians.”
IMG boss Ted Forstman said: “The performance of Indian athletes on the national and international stage will improve dramatically with the correct development strategies. This is what IMG has been doing for 50 years, both at IMG Academies in Florida and many other places around the world. As a consequence, the commercial performance of sport and entertainment in India will be enhanced.”
First actions under the partnership will see Reliance’s CSR initiative, The Reliance Foundation, build sports academies to provide training for Indian athletes; the creation of sporting and academic scholarships for Indian athletes to IMG’s Florida training institution IMG Academies; the creation of a new “Super Agency” to manage celebrities from sport, Bollywood and fashion; and the transfer of management of IMG’s existing business in India to the joint venture. These assets include ATP World Tour event the Aircel Chennai Open and Lakmé Fashion Week. However IMG’s Indian Premier League responsibilities will continue to be managed by its international business and executive team.